<abstract xmlns="http://www.w3.org/1999/xhtml">

The main purpose of this research is to study the impact of corporate governance and audit quality on the investment decision. In order to achieve this objective, the research collected literature review about previous variables. This research used survey method on the construction sector in Egypt. They are 97 completed questionnaires. Data was analyzed and hypotheses tested by using Statistical Package for the Social Sciences (SPSS). The research found that there’s significant positive impact of corporate governance on the audit quality and investment decision which means investors will depend on the corporate governance when they make their investment decision. In addition, investors will depend on the audit quality (the ability of an auditor to detect a breach (auditor competence) and the willingness to report such a breach (auditor independence) when they make their investment decision.
</abstract>

May University, Cairo Campus of Heriot Watt University

The Impact of Corporate Governance and Audit Quality on the Investment Decision

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Lebanon is grappling with the worst economic crisis in decades. One cannot escape the reality that Lebanon is broke and is set to face an even more agonizing economic downturn. While Lebanon has lost many past opportunities to develop its infrastructure including its energy, waste management, water, and transport, it is high time that authorities roll up their sleeves and give development a fillip in the country through Public Private Partnership (PPP). Financing a project through a public-private partnership can allow a project to be completed sooner or make it a possibility in the first place. Public-private partnerships allow large-scale government projects to be completed with private funding. The success of PPP project is defined on the basis of repayment of loans without recourse to public sector guarantees or tax revenues and the provision of public services without inflicting a direct or indirect burden on the population, that is already encumbered with huge debt as in the case of Lebanon. On one hand, establishing a railway network in Lebanon via PPP will not only enable mass public transportation but will add significantly to economic growth in the country. Electricity, as well, in the heart of the economic crisis, the government should consider partnering with green power producers via PPP to resolve this issue. Furthermore, Lebanon had two oil refineries, renovating those refineries will allow Lebanon to secure its needs of oil and then eventually to export its surplus. Likewise, Special Economic Zones play a key role in rapid economic development of a country. Hence, upgrading the infrastructure of Tripoli and its port has numerous benefits especially with the intent of reconstructing Syria.
</abstract>

Can Private Public Partnership Pullout Lebanon Out of Its Worst Economic Crisis?

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This study evaluates the efficiency of U.S. firms’ working capital management (WCME) by employing the data envelopment analysis technique (DEA). This study uses regression analysis to examine the impact of WCME and environmental, social, and governance (ESGP) performance on U.S. firm value. This study uses a data sample consisting of 964 firm-year observations from a longitudinal panel collected from 2016 to 2019. Endogeneity issues and the employment of additional analyses for robustness were considered. The results indicated that most firms under investigation were relatively inadequate regarding WCME and required correctional efforts by decision-makers to accomplish most reasonable efficiency, directly related to enhancing firm sales and net income. Additionally, the results reveal significant and positive influences of WCME and ESGP on firm value. The implications of this study would push decision-makers to employ the most reasonable procedures and strategies to improve the activities of a firm’s WCM and ESG to boost its value and excel in the business environment.
</abstract>

Does the efficiency of working capital management and environmental, social, and governance performance affect a firm’s value? Evidence from the United States

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Corporate performance is a key in corporate accounting. One of the earliest accounting measures of corporate performance is accounting income. Accrual accounting enables the measurement of changes in net assets of an entity. Accounting income is neither scientifically determined nor proven. Accounting information often results from approximation and estimation when choice among alternatives is professionally judged, rather than exact measures and perceptions. Divergence in application of accounting policies in corporations under similar conditions may present different results. Some criticize corporate accounting, particularly after scandals related to financial statement fraud, for choices among procedures that accounting standards permit. However, choices in the application of accounting permitted procedures that accounting standards allow are based on professional judgment. Professional judgment enables accounting as a profession and allows accounting professionals to claim status in their respective communities. Exploring users’ awareness of corporate reports in Saudi Arabia in terms of flexibility in using accounting methods when preparing corporate reports and analyzing their understanding of corporate reports, this study surveyed 72 financial statement users. Research has found that sufficient efforts must be made to obtain information when making investment decisions. As accounting income is a result of applied accounting procedures and methods, users perceive information published in the financial reports, including notes, as understandable. Flexibility in applying accounting standards is imperative for adapting to changes in the entity’s business environment. Potential capital market investors must maintain a minimum level of knowledge; otherwise, they might be gambling their wealth or savings against the odds.
</abstract>

Master of Accountancy, Accountancy Department

College of Business Administration, Prince Suttam University

College of Business Administration, King Saud University

A Defense on Accounting Discretion: An Empirical Inquiry based on Users’ Awareness

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This study investigates the link between the cost of capital, and both share book values and market prices on Qatari Stock Exchange. The rational of this test suggested that their relationship between the published financial data and decision making as result of complying with transparent disclosure, in capital markets which suggested that this data has lost its value relevance to shareholders. Ohlson (1995) basic equity valuation model applied in this research, which linked to the firm’s equity market value to book values adjusted for abnormal returns. Data used in this study represent all listed firms on Qatari Stock Exchange, to test this assumption for the period from 2010 to 2019. The result indicated a negative correlation among cost of capital and both firms book values and share market prices. Firms bearing higher risks are predicted to earn higher returns. According to the study’s findings, statistical evidence supports the claim that raising the amount of leverage raises the risk for equity shareholders. Because of an increase in leverage results in a higher expected return on investment to compensate equity shareholders for the increased risk.
</abstract>

Correlation between Cost of Capital, Book Values and Shares Prices: Evidence from Qatar Stock Exchange

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The main objective of this paper is to discuss and examine the relationship between the development of stock market and economic growth and to show if the economic growth is positively influenced by stock market development in Singapore. Theoretically, some economists postulate a bidirectional relationship between financial development and economic growth, while others consider that growth drives finance, but that financial development is only a minor growth factor. We used an econometric study based on an autoregressive distribution lag (ARDL) model covering the period from 1990 to 2020 which is supported by the Asian financial crisis of 1997, obtained from various sources, in particular World Bank data and International Monetary Fund reports. Economic growth is expressed by GDP per capita, while stock market development is measured by market capitalization of domestic listed companies (% of GDP), shares traded total value (% of GDP) and stocks traded turnover ratio of domestic shares (%). The results show that the capitalization of domestic listed companies and the turnover ratio of domestic stocks have a positive and significant effect on gross domestic product per capita in the short and long run. However, shares traded total value hasa negative impact on gross domestic product per capita in short and long term. The contribution of our results suggests that stock market development promotes short and long-run growth in Singapore. Our findings can be of direct value to developed or emerging countries while they are of indirect value to less developed economies that may be committed to certain policy or regulatory decisions,
</abstract>

Lecturer, Faculty of Economics Commercial and Management Sciences, Department of Economics

Professor, Faculty of Economics Commercial and Management Sciences, Department of Economics

The Impact of Stockmarket Development on Economic Growth in Singapore. Econometric Study Based on an Autoregressive Distribution Lag (Ardl) Model Covering the Period From 1990 to 2020

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In this study, we focus on manufacturing firms in Eastern Europe and Central Asia and examine the impact of the 2008-2009 Global Crisis on these firms’ accounts, overdraft facilities, and loans. Our objective is to see if the crisis affected the number of manufacturing firms that have a checking/savings account, that have an overdraft facility, or that have a line of credit/loan. We also want to see whether firms changed the type of financial institution that they borrowed from (i.e. private commercial bank, state-owned bank/agency, or non-bank financial institution). Our results show that, post-crisis, a significantly lower percentage of manufacturing firms had an overdraft facility. Also, post-crisis, a significantly lower percentage of firms had a line of credit/loan. On the other hand, there was no significant change with respect to the % of firms having a checking or a savings account. Also, there was no significant change with respect to the percentage of firms borrowing from a private commercial bank, a state-owned bank/agency, or a non-bank financial institution. Overall, we conclude that, after the crisis, financial institutions in the region significantly cut their credit facilities to manufacturing firms while firms continued to transact with the same institution or a similar institution.
</abstract>

The Impact of the 2008-2009 Global Crisis on Manufacturing Firms’ Bank Accounts, Overdraft Facilities, And Loans

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The study examined effect of drawdown on return in the Nigerian stock market and it covered the period of 2005 to 2020. Purposive sampling was employed and the sample size comprising 90 regularly traded stocks were used for the analysis. Monthly data sourced from the CBN statistical bulletin and Nigeria Stock Exchange on stock prices, market index, risk-free rate ownership shareholdings, market capitalization, book value of equity, earnings before interest and taxes, total assets and drawdown were used for study. The Fama-MacBeth two-step regression method was employed. The study found that the drawdown has a negative and significant effect on stock returns but has a positive and significant effect on risk in the Nigerian stock market over the whole sample period. Findings also revealed that the sub-periods are not stable in terms of the magnitude of effect and significance on risk and return. Our findings contradict the a-priori expectation that drawdown could improve performance through risk minimization and return maximization in the Nigerian stock market. Based on the findings, investors and other market participant are encouraged to use drawdown as one of the investment performance measures to guide investors’ expectation and their tolerance on the size of stock market disruption or crashes or rallies in Nigeria.
</abstract>

Effect of Drawdown Strategy on Risk and Return in Nigerian Stock Market

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The article provides a study of the financial provision of local communities to respond the COVID-19. The main purpose of the research is to analyze the role of alternative sources of funding for local communities in strengthening their financial capacity and supporting the health care system during the pandemic. The analysis was carried out on the basis of a study of world trends, a comparative analysis of the financial support of Eastern and Western European countries at the expense of international organizations and government institutions; as well as the study of contributions of charitable funds, public organizations and corporate entities in supporting the health care system (the case of Ukraine). The research empirically confirms and theoretically proves that the pandemic had long-lasting effects on the global economy and created a demand for financial support from citizens and businesses, local and central governments. In order to cover the expenses related to the provision of health care in the conditions of the pandemic, as well as aimed at minimizing the consequences of COVID-19 for the economy and society, various sources of funding were involved, which included funds from the state and local budgets, as well as external funding, such as financial activities, programs and grants of international organizations and other donors, charitable contributions from foundations and corporations. The study proved the existence of inter-country and inter-regional differences in the structure of sources of financing, as well as in the focus areas of funding. The analysis of funding activities of major international organizations, unions and government structures, such as the World Bank, the International Monetary Fund, the European Investment Bank, the European Union, the United States Agency for International Development and others, for the period 2020-2021 confirmed that most of the funding initiatives have an economic orientation, but only some of them are directly aimed at financial support of local communities. On the other hand, alternative sources of funding, such as funds from charitable foundations and donations from the corporate sector, were directly aimed at supporting medical institutions and patients in local communities. That makes them important both for the economy and for saving lives, despite of the lower values of funding compared to international or state programs. The results of the research can be useful for scientists, state and local self-government bodies in managing the financial capacity of local communities and their resilience to health threats.
</abstract>

PhD, Associate Professor, Sumy State University

Financial Support of Communities During the Covid-19 Pandemic

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The main purpose of this study is to conduct a dynamic and bibliometric analysis of the main terms that identify the system for combating financial and fraud to identify trends in the formation of social and scientific thought. The review of the scientific literature indicates an increase in the number of scientific publications over the past ten years. It was revealed that the most cited works cover the problems associated with cyber threats in everyday life, among which are botnets, cyber bullying, as well as financial fraud implemented through cryptocurrencies, smart contracts, and the black market on the Internet. Cloud forensics, technical and intellectual analysis are proposed as countermeasures. The research tools were a dynamic analysis of global network user requests, implemented using Google Trends, and a bibliometric analysis of scientific publications by the world’s leading scientists, performed using the VOSviewer analytical package. The search terms “Fraud”, “Finance Fraud”, “Cyber Fraud”, “Finance Cyber Fraud”, “Money Laundering”, “Anti-Money Laundering” and “Anti-Fraud” for the period from 08/07/2017 to 08/07/2022. For bibliometric analysis, two datasets with a length of 2,000 observations were formed based on queries in the Scopus database regarding the terms “Cyber Crime” and “Anti-money Laundering”. The results of the dynamic analysis revealed a decrease in the level of interest in fraud and financial fraud since the beginning of 2021, while the trend of cyber fraud is increasing. This led to the conclusion that there was an impact of the pandemic, which caused an increase in cybercrime. The results of the analysis of requests for “Fraud” and “Finance Fraud” by geographical distribution showed that they interested users belonging to countries with a significant difference in economic development. That is, representatives of poor countries are potential cyber fraudsters, and developed countries are potential victims of fraud. Conducting a bibliometric analysis made it possible to obtain clusters of promising areas of scientific research in the field of cybercrimes, among which mathematical and network tools for combating them, general concepts, digitalization and digital forensics, cyber protection, data protection, authentication and encryption of data, etc. are highlighted. At the same time, the focus of research is shifting towards methods of countering cybercrimes. Promising directions in the field of Money Laundering are mathematical methods and information technologies, cryptocurrencies and blockchains, corruption, financial terrorism, etc. The greatest potential belongs to money laundering through cryptocurrencies and blockchains. The lessons learned can be useful for improving the strategy of combating financial and cybercrimes and forming an analytical basis for the scientific community and practitioners.
</abstract>

D.Sc., Visiting Professor of the Informatics Department

Associate Professor of the Economic Cybernetics Department

Dynamic and bibliometric analysis of terms identifying the combating financial and cyber fraud system

<abstract xmlns="http://www.w3.org/1999/xhtml">

To improve economic growth acceleration, the Nigerian government should continue to formulate and implement several policies including exchange rate policy regimes. Exchange rate policy regime of any government could be a fixed exchange rate regime when the price of a country’s currency in terms of another country’s currency is fixed to a value by the monetary authority; it could be a floating regime when the price of a country’s currency in terms of another country’s currency is left to be determined by the forces of demand and supply, while a managed-floating regime is undertaken when there is an element of both fixed and floating regimes. Following the Barro (1990) theoretical framework, this study attempted to assess the effects each exchange rate regime has on the economy through the mechanism of private investment spending. The researcher carefully selected macroeconomic variables that have been considered in the econometric models for empirical analysis of the research study in this dissertation through statistical estimation techniques as guided by Barro (1990) and international studies, specifically that of Sahoo et al., (2012), in this area of study. These variables include GDP as an indicator for economic growth, Private capital, private sector credit, real exchange rate, interest rate, government capital expenditure, trade openness, exchange rate regimes dummies, total employment, and spending on health and education. Specifically, the study set out to empirically quantify the impact of both fixed and floating regimes on private investment spending and in turn, on economic growth in Nigeria.Through this study, the key determinants of private investment spending and economic growth in Nigeria. To achieve the study’s objectives and address the respective research questions, preliminary examinations of the data were conducted through the use of visual and unit root tests and some of the variables were found to be stationary at levels (i.e., I(0)) while some are stationary in their first differences (i.e., I(1)). The study proceeded to estimate both private investment and economic growth models simultaneously using Two-Stage Least Squares (TSLS) method.
</abstract>

Dr, PhD, Department of Business Administration and Management

Department of Business Administration and Management

Exchange Rate Policy Regimes, Private Investment Behaviour and Economic Growth in Nigeria (1960-2020)

AHEAD OF PRINT

Volume 6 (2022): Issue 3 (September 2022)

Financial Markets, Institutions and Risks (FMIR)

Financial Markets, Institutions and Risks (FMIR) is scientific peer-reviewed journal. This journal is published quarterly (four times a year) by Sumy State University.  On April 3, 2017 of Financial Markets, Institutions and Risks (FMIR) journal was published. The main objective of this journal is to promote the development of cooperation between academics and professional financial communities, the international dissemination of theoretical and empirical research, as well as the best international practices of financial sector development, financial support for national economies and households.  The scope of the journal covers selected issues related to:   The development of international, national and regional financial markets Behavioral Finance  Money and credit systems Banking, insurance  Financial intermediation on financial instruments Currency transactions, stock exchange  Innovations in the field of financial services and financial risk management  The development of international financial infrastructure  Corporate, municipal and public finance  Accounting, reporting and auditing  Taxation  Investment activity;  Financial law, legal aspects of markets and institutions activity.  We welcome submissions from these fields in the following technical topics (but not limited to):   the financial instruments market, finance business models, financial crises, financial stability, microfinance sector, financial leadership, financial inclusion, fintech  the banking sector, bank management, banking system, online banking, banks marketing strategy  the state debt stability, the deposit market, credit risk management, stock market  economic growth/development, public funds, the tax regulation, monetary policy, fiscal policy, inflation econometrics, economics, carbon-free economy, macroeconomic  profitability, investing The Journals self-archiving policy is presented on the eSSUIR (Electronic Sumy State University Institutional Repository), Vernadsky National Library of Ukraine, SHERPA/RoMEO site.  The editors check the submitted materials for authenticity using the StrikePlagiarism software product to detect plagiarism. Materials submitted for publication in the journal “Financial Markets, Institutions and Risks” cannot be published in other scientific publications. Journal has a system of double-blind peer review. It means that reviewers and authors remain anonymous.  Archiving  Sciendo archives the contents of this journal in Portico- digital long-term preservation service of scholarly books, journals and collections.   Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System 's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 